 IRS Expressly Suggests That Tax Equity Investors May Obtain Tax Insurance to Gain Further Tax Certainty in Rev. Proc. 2014-12. Section 4.05(2)(a) of the attached IRS Guidance describes impermissible guarantees that, if made by a sponsor or developer to a tax equity investor investing in historic tax credits would remove the investment from "safe harbor" status. The last sentence of that section states: "This requirement does not prohibit the Investor from procuring insurance from persons not involved with the rehabilitation or the Partnership." This is just the latest example of the IRS viewing tax insurance with favor, as a source of capital that "puts its money where its mouth is" and serves as a means to help taxpayers navigate our complex tax Code.

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